Six risk and compliance challenges for global organisation

Six risk and compliance challenges for global organisations: global management requires broad, integrated approach.

Extract from InsideCounsel:

It is evident in today’s global and economic environment that corporate counsel still view regulatory compliance as one of their highest legal risk areas, and when coupled with the increase in regulatory action, it is now presenting legal departments across the globe with many different challenges.

It is pushing the need for organizations to develop and embed fully functioning risk and compliance frameworks that service numerous internal departments, including legal, across multiple jurisdictions around the world and in accordance with differing regulatory regimes.

Furthermore, the impact of regulatory compliance changes on the whole organization now needs to be considered in unison with those once considered as purely legal risk, widening the scope of those involved in establishing the risks.

In order to facilitate this, in-house legal teams, risk management functions and operational business units must work together for the benefit of the whole enterprise.

To meet some of these demands, the role of in-house corporate counsel has continually evolved, with responsibilities being expanded to include providing advice and guidance on regulatory compliance and ethical issues, and contributing to the development and implementation of risk management programs.

More … http://www.insidecounsel.com/2012/04/30/6-risk-and-compliance-challenges-for-global-organi